A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par value preferred stock, and 194,000 shares of common stock with a par value of $2 per share. On March 1st, the company issued 19,000 shares of preferred stock for a building. The asking price of the building was $495,000; the fair value of the building was $332,000. In the journal entry to record this transaction, how much should be recorded for Paid-in Capital in Excess of Par – Preferred Stock?
A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par value preferred stock, and 194,000 shares of common stock with a par value of $2 per share. On March 1st, the company issued 19,000 shares of preferred stock for a building. The asking price of the building was $495,000; the fair value of the building was $332,000. In the journal entry to record this transaction, how much should be recorded for Paid-in Capital in Excess of Par – Preferred Stock?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company was organized on January 1, 2020. It is authorized to issue 216,000 shares of 5%, $10 par value
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